The number of people neither in work nor looking for it rose by 252,000 from the three months to May, the biggest increase since records began in 1971, official data showed.
"That will maintain intense pressure on the Bank of England to raise rates aggressively over the coming months."Investors are betting heavily on a full percentage-point increase in its next policy announcement on Nov. 3 as it moves to offset the inflationary implications of the tax cuts.It is also trying to quell turmoil in the government bond market which could add to pressure for a big rate hike.
The 0.6 percentage points increase in the inactivity rate to 21.7% in the period was the biggest on record alongside the increase between March and May 2020 when the coronavirus pandemic hit Europe, the Office for National Statistics said.
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